Artificial Intelligence (AI) is expected to be one of the major catalysts for the change in the healthcare sector. Solving various problems for patients, doctors and overall healthcare industry, the adoption of AI is increasing. Data management being the most common application of AI, it is also being used in other areas of healthcare including treatment plan designing, medication management, etc.
Chatbots are expected to become efficient in enabling healthcare providers and patients to better access information. AI chatbots will change the way patients interact with doctors. According to a research, average time saved per chatbot compared to call centers in the healthcare sector is over four minutes and the cost estimated to be saved will be nearly $8 billion by 2022. AI-powered chatbots will also shift from providing a basic response to more conversational interactions such as providing health advice.
AI chatbots will personalize the questions depending on gender, age, location. By analyzing patient profile, AI will check the probability of symptoms signal to the condition, this will be an informal diagnosis. Once the condition is determined, the AI chatbot will pull the data from various valid sources to provide solutions and help patients connect with the right doctor. Hence, compared to current chatbots, AI chatbots will be more interactive.
Serving as a health assistant, AI chatbots will replace simple messaging apps in the coming years. Setting reminders for medications and doctor visit, AI chatbots will act as the virtual nurse. Adding both machine learning and AI capabilities will enable chatbots to perform image recognition and sentiment analysis. Leading market players in AI in healthcare and even new entrants are working on developing AI chatbots. For instance, Babylon Health recently raised some funds to develop its AI chatbot. While another European startup has already launched its AI chatbot service. Similarly, a lot of new entrants are using advanced technologies to develop AI chatbot for healthcare with some unique features.
According to the upcoming report by Transparency Market Research (TMR), drug discovery is one of the major applications of AI in healthcare. Owing to the increasing adoption of advanced technologies, Europe and North America are expected to witness significant growth during the forecast period, 2017-2025. Moreover, with the presence of the leading market players such as Google, Intel Corporation, and IBM, North America is expected to experience robust growth in artificial intelligence in healthcare. However, high initial investment and high maintenance and repair cost can hamper the growth of the global market for artificial intelligence in healthcare.